Consumers urged to know their rights as car repossession rate spike
This comes as more than 22,000 vehicles were repossessed in SA during the first six months of 2023
Black News 
The National Financial Ombud Scheme is urging consumers facing financial difficulties to understand their rights and the options available to them.
This comes as more than 22,000 vehicles were repossessed in the country during the first six months of 2023, as many households struggled to keep up with rising living costs and vehicle repayments.
NFO adjudication official Johannes Brouwer says, “There are only two legal ways in which a bank can repossess or take back a vehicle from a customer. One is with a court order; they have to follow the court process, obtain judgment against you, in terms of which they are specifically granted permission to repossess that vehicle.”
“Alternatively, there is a voluntary process. So if there are people coming to you and saying they’re coming to take the vehicle back because you’re in arrears, if they don’t have a properly and validly issued warrant of execution with them, you don’t have to give that vehicle back.”
